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Lib Dems propose £8bn in tax rises to reduce deficit | Lib Dems propose £8bn in tax rises to reduce deficit |
(about 1 hour later) | |
The Liberal Democrats would increase taxes on the better-off to raise £8bn and sign up to £16bn spending cuts, Nick Clegg has said. | |
Setting out his party's financial plans, Mr Clegg said wealthy individuals and big business did not always pay their "fair share". | |
He vowed to balance the books by 2017-18 - the same date as the Tories. | |
But while the Tories say they would not raise taxes, Mr Clegg plans a mix of spending cuts and tax rises. | |
Labour says it will achieve a surplus by 2020, the end of the next Parliament. | Labour says it will achieve a surplus by 2020, the end of the next Parliament. |
'Fair share' | 'Fair share' |
In a speech in London, Mr Clegg said his party would raise benefits - excluding pensions and disability payments - by 1% a year. | |
However, as part of spending cuts, £4bn would be taken from the welfare budget. | |
A "high value property levy" - formerly called a "mansion tax" - would raise up to £1.5bn, and a crackdown on tax avoidance would be expected to save £6bn. | A "high value property levy" - formerly called a "mansion tax" - would raise up to £1.5bn, and a crackdown on tax avoidance would be expected to save £6bn. |
The deputy prime minister said: "It is incomprehensible to most people that you would try and balance the books without asking for a contribution from the wealthiest people in our country. | |
"Liberal Democrat plans are for a bigger tax contribution from those who can afford to pay - the wealthiest individuals and big businesses which are not always paying their fair share." | "Liberal Democrat plans are for a bigger tax contribution from those who can afford to pay - the wealthiest individuals and big businesses which are not always paying their fair share." |
"Our plan means that in the last year of the next Parliament, we will cut £38bn less than the Conservatives. And we will have borrowed £70bn less than Labour." | |
The plans did not require any increase in the "headline" rates of taxation - income tax, national insurance, VAT and corporation tax, Mr Clegg said. | |
The Lib Dems are pledging to protect low-and middle-income earners as well as spending on education, the National Health Service and foreign aid. | |
There would also be an increase in the banking levy and changes to the tax deductibility of interest payments. | There would also be an increase in the banking levy and changes to the tax deductibility of interest payments. |
Mr Clegg's announcements come after the Institute for Fiscal Studies (IFS) said the worst of the UK's spending cuts was still to come. | Mr Clegg's announcements come after the Institute for Fiscal Studies (IFS) said the worst of the UK's spending cuts was still to come. |
Its Green Budget, which looks at options and issues ahead of next month's Budget, says the UK's finances still have "a long way to go". | Its Green Budget, which looks at options and issues ahead of next month's Budget, says the UK's finances still have "a long way to go". |
The IFS has also said voters face a "stark choice" between the parties in May's general election. | The IFS has also said voters face a "stark choice" between the parties in May's general election. |